Hanoi forum highlights opportunities and challenges for Vietnam’s fast-growing digital economy

THE HANOI TIMES — Experts outlined in-depth perspectives and practical solutions on science and technology, e-commerce, financial inclusion, smart urban governance, SME competitiveness and the digital workforce at the forum “Digital Economy Development: Opportunities and Challenges in the New Era,” hosted by Kinh te & Do thi (Economic & Urban) Newspaper in Hanoi this week.

Nguyen Phu Tien, Deputy Director, Department of Digital Economy and Society

Vietnam’s digital economy is expanding quickly, but sustainable development requires a stronger legal and technological foundation. The sector grows about 20% a year, three times the expansion rate of GDP. This momentum demands more predictable frameworks for innovation.

Vietnam needs regulatory sandboxes and a dedicated Law on Digital Transformation so businesses can test new technologies in a reliable environment. Vietnam now ranks 13th globally in mobile Internet speed, supported by 45 data centers and expected 5G coverage of 70,000 stations by 2025, forming a solid foundation for digital services.

The next step is to turn digital achievements into real competitiveness. Clearer rules, flexible testing mechanisms and faster policy coordination will help enterprises adopt new technologies at scale.

Nguyen Huu Tuan, Director, eComDX

E-commerce remains one of Vietnam’s fastest-growing digital sectors, but rising complexity requires platforms to invest more in compliance and market integrity. The industry is no longer driven by scale alone because mobile commerce and social commerce are reshaping consumer behavior.

Seller verification, monitoring prohibited goods and consistent content moderation should be standard practices if Vietnam wants a transparent and trusted e-commerce environment. The draft E-commerce Law sets clearer responsibilities for data sharing with authorities and reflects the shift from unmanaged growth to structured oversight.

Technology and responsibility must grow together. Stronger safeguards will help platforms build user trust, reduce fraud risks and create fairer opportunities for businesses.

Nguyen Duc Kien, former Head of the Prime Minister’s Economic Advisory Group

Vietnam’s digital transition will depend on how effectively major urban centers, especially Hanoi, develop integrated systems that link data, mobility and public services. Digital urban governance must advance in parallel with financial inclusion to ensure benefits reach all citizens.

Smart public transport, wider POS deployment and the digitalization of public services are essential if cities like Hanoi want to drive the country’s digital transition. Although more than 87% of adults hold payment accounts, low-income groups still face barriers related to income, geography and financial literacy.

Accelerating fintech testing and improving administrative coordination will help Hanoi become a core environment for digital services while ensuring inclusive digital governance.

Mac Quoc Anh, Vice Chairman and Secretary-General, Hanoi Association of Small- and Medium-Sized Enterprises (HANOISME)

Small- and medium-sized enterprises (SMEs) need a complete ecosystem rather than isolated interventions to adopt digital transformation. SMEs account for 97% of all enterprises in Hanoi, placing the capital at the center of Vietnam’s broader digital transition. Because of this scale, Hanoi must improve business and investment policies and models to strengthen SME competitiveness.

A 2024 HANOISME report shows that 54% of SMEs have no IT staff and 62% say they lack the budget for digital transformation. Without reliable data, stable infrastructure and clear regulations, SMEs struggle to join e-commerce platforms or take part in digital logistics systems.

Hanoi can shape a stronger national ecosystem by developing sandboxes for AI, fintech and IoT, expanding access to public data and offering targeted tax or financial support. These steps would help the city create a favorable environment for SME innovation and encourage long-term digital upgrades.

Nguyen Binh Minh, Head of HR Development, VECOM

Vietnam’s fast-growing e-commerce industry, estimated at US$32 billion in 2024, has created an urgent demand for digital skills. Workforce development must match the pace of technological adoption to avoid bottlenecks.

The targets for 2026 to 2030, including one million training enrollments and 70% of the population shopping online, require close coordination among regulators, associations and businesses. Training programs must emphasize practical competencies aligned with real market needs.

Future workers must be prepared for cross-functional roles in digital logistics, payment operations, data handling and cross-border e-commerce. Furthermore, closer partnerships between education institutions and businesses will be essential for long-term growth.